Negotiations 101
Issues may arise after the home inspection, and those issues tend to result in another round of negotiations for credits or fixes.
1. Ask for a credit for the work that needs to be done. Most often the seller will prefer this rather than making the repairs themselves and possibly delaying the sale.
2. Think “big picture” and don’t sweat the small stuff. Tile that needs some caulking, or a leaky faucet can easily be fixed. Repairs are still up for negotiation and perhaps a small credit would help with closing costs.
3. Negotiations take time. We will have 7 days after inspection to negotiate. 3 more days after if we cant come to an agreement, we get our binder back and start shopping!
AFTER AN OFFER IS SUBMITTED
WE CAN:
•Accept the offer
•Decline the offer
If the offer isn’t close enough to your expectation and there is no need to further negotiate.
•Counter-offer
A counter offer is when you offer different terms to the buyer.
THE BUYER CAN THEN:
•Accept the counter-offer
•Decline the counter-offer
•Counter the the offer
You can negotiate back and forth as many times as needed until you can reach an agreement or someone chooses to walk away.
OFFER IS ACCEPTED
You will sign the purchase agreement and you are now officially under contract! This period of time is called the contingency period.
Now inspections, appraisals, or anything else built into your purchase agreement will take place.